Other Real Estate Owned

9 Months Ended

Sep. 30, 2017

Other Real Estate Owned

Other Real Estate Owned

Note 8—Other Real Estate Owned

The following is a summary of information pertaining to OREO:

	Nine Months Ended September 30,
	2017						2016
			Covered						Covered
(Dollars in thousands)	OREO		OREO		Total		OREO		OREO		Total
Beginning balance	$	18,316	$	—	$	18,316	$	24,803	$	5,751	$	30,554
Acquired in SBFC acquisition		385		—		385		—		—		—
Additions		8,375		—		8,375		9,296		2,151		11,447
Transfers		—		—		—		4,222		(4,222)		—
Writedowns		(2,220)		—		(2,220)		(1,939)		(2,131)		(4,070)
Sold		(11,329)		—		(11,329)		(14,171)		(1,549)		(15,720)
Ending Balance	$	13,527	$	—	$	13,527	$	22,211	$	—	$	22,211

OREO previously classified as covered, which consisted of 17 properties with a carrying value of $4.2 million as of March 31, 2016, became uncovered during the second quarter of 2016 in connection with the Bank’s early termination agreement with the FDIC with respect to all of its outstanding loss share agreements

At September 30, 2017, there were a total of 67 properties included in OREO.  This compares to 108 properties included in OREO, at September 30, 2016. At September 30, 2017, the Company had $1.4 million in residential real estate included in OREO and $7.0 million in residential real estate consumer mortgage loans in the process of foreclosure.  At December 31, 2016 and September 30, 2016, the Company had $3.6 million and $3.7 million, respectively, in residential real estate included in OREO and $5.1 million and $4.7 million, respectively, in residential real estate consumer mortgage loans in the process of foreclosure.